Downtown Apartment Market Softening
August 27, 2010 12:53 Filed in: News
Over the next year, the central Austin rental apartment
vacancy rate is expected to jump significantly from 3.6
percent to 9.4 percent.
This negative trend is in stark contrast to what is happening in the rest of the City, where employment growth and migration are reversing the current apartment supply glut. According to market data from Marcus & Millichap Real Estate Investment Brokerage, citywide apartment vacancy rates are expected to drop 9% this year. In hot areas of the city -- such as the south central area near South Congress Ave, vacancy is expected to drop significantly as more units are absorbed.
Across the city, rents dropped 3% last year as more than 10,000 new units hit the market. This year, rents are expected to increase slightly (2.4%) as only 2,860 new units are expected to hit the market.
In downtown Austin where rents are highest, tight spending is limiting absorption of new units. Central Austin apartment rents average $1,014 -- significantly higher than the citywide average of $864.
According to the firm, "the city is forecast to add 19,100 jobs this year, prompting a rush of new residents and a rise in demand for residential rentals. At the same time, the apartment development pipeline has drastically thinned out, with 2,860 new units expected this year, down from 10,340 in 2009."
With a strong supply of downtown apartments, potential renters will be able to negotiate better rents and more attractive incentives, especially for higher-end units.
This negative trend is in stark contrast to what is happening in the rest of the City, where employment growth and migration are reversing the current apartment supply glut. According to market data from Marcus & Millichap Real Estate Investment Brokerage, citywide apartment vacancy rates are expected to drop 9% this year. In hot areas of the city -- such as the south central area near South Congress Ave, vacancy is expected to drop significantly as more units are absorbed.
Across the city, rents dropped 3% last year as more than 10,000 new units hit the market. This year, rents are expected to increase slightly (2.4%) as only 2,860 new units are expected to hit the market.
In downtown Austin where rents are highest, tight spending is limiting absorption of new units. Central Austin apartment rents average $1,014 -- significantly higher than the citywide average of $864.
According to the firm, "the city is forecast to add 19,100 jobs this year, prompting a rush of new residents and a rise in demand for residential rentals. At the same time, the apartment development pipeline has drastically thinned out, with 2,860 new units expected this year, down from 10,340 in 2009."
With a strong supply of downtown apartments, potential renters will be able to negotiate better rents and more attractive incentives, especially for higher-end units.
Exclusive: Summer Downtown Condo Sales Stay Strong
August 23, 2010 22:48 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market
Index for June and July, 2010. With the new
results loaded, we are pleased to announce that
year-over-year sales volumes have increased for
the 13th month in a row. In addition, more
expensive units are starting to sell, prices are
rising, and average days on market is dropping.
The downtown Austin condo market continues to gain
strength as it enters it's second year of growth
and recovery.
During June and July -- key summer selling months -- 32 units worth a total of $11.7 million were transacted on the MLS: 12 more than during the same period in 2009. In addition Read More...
|
Month
|
Sales
|
Avg. Price
|
$/SF
|
Avg SF
|
Avg Year
|
% Ask
|
ADOM
|
| Jun-09
|
8
|
$431,738
|
$292
|
1,400
|
2000
|
87%
|
117
|
|
Jun-10
|
18
|
$387,241
|
$324
|
1,160
|
1999
|
95%
|
100
|
|
Change
|
125%
|
-10%
|
11%
|
-17%
|
-1.00
|
9%
|
-15%
|
|
Month
|
Sales
|
Avg. Price
|
$/SF
|
Avg SF
|
Avg Year
|
% Ask
|
ADOM
|
| Jul-09
|
12
|
$265,450
|
$265
|
1,021
|
1987
|
97%
|
88
|
|
Jul-10
|
14
|
$338,192
|
$298
|
1,121
|
1999
|
96%
|
74
|
|
Change
|
17%
|
27%
|
12%
|
10%
|
12.00
|
-1%
|
-16%
|
During June and July -- key summer selling months -- 32 units worth a total of $11.7 million were transacted on the MLS: 12 more than during the same period in 2009. In addition Read More...
Swim! Pictures of Downtown Condo Pools
August 15, 2010 23:30 Filed in: News
Ten years ago, if you wanted to live downtown in Austin
in a place with a nice pool, your options were slim.
Now, most of the new projects feature resort-like pools
which are key selling points for the buildings. In the
future, nice pools will likely be standard on new
Austin condo buildings. As the new generation of
resort-like projects comes to fruition, it's possible
that units in buildings without pools with sell at a
discount when compared to units in buildings with this
key amenity.
While resort-like pools are to be expected on high-end projects like the Four Seasons Residences, the Austonian, and the W, the pool scene is equally as important at more reasonable projects like 360 and Spring.
Here are the pictures of the new downtown Austin condo pools:
Spring
See more cool pools! Read More...
While resort-like pools are to be expected on high-end projects like the Four Seasons Residences, the Austonian, and the W, the pool scene is equally as important at more reasonable projects like 360 and Spring.
Here are the pictures of the new downtown Austin condo pools:
Spring
See more cool pools! Read More...
New Profile Posted: 904 West
August 06, 2010 22:37 Filed in: News
We've updated the AustinTowers downtown Austin new
condo guide to include 904 West, a new $8 million
low rise project on 9th and West near Whole Foods
and the Nokonah.
The 33 unit project is a green conversion of solidly built commercial structure. The new condo project is being constructed in phases with the first 7 units complete. Prices start at $191,000 and rise to $326,000. We've already added the project to our listings page and a full profile is here.
While the project features an attractive modern design and a quiet location, the most interesting features are the flexible floor plans (some include live/work spaces) and the green features. In general, condo projects utilize significantly less energy than equivalent single family homes. This project should utilize less energy than almost any condo project. Some of the energy efficient features include:
- Dedicated solar panels for each unit
- 100% LED lighting
- Tankless water heaters
- Spray foam insulation
- Rainwater collection
- Double-paned, low-energy glass and windows
Already, the project has been recognized for these attributes with the Austin Business Journal Going Green Award [Winner: Green Building - Residential] and the Envision Central Texas Community Stewardship Awards [2010 2nd Place Finalist].
While the building is only two stories tall it does have an elevator and a swimming pool. So far, one quarter of the available units have been sold.
Here are some additional details from the Statesman:
"The city and Austin Energy are working toward a goal of having 65 percent of new single-family construction be capable of zero net energy consumption by 2015, meaning the homes potentially could generate as much electricity as they consume, with solar panels and advanced energy-efficiency features.
The 904 West project is attracting interest from professionals, empty-nesters and second-home owners who want to live downtown but in a neighborhood setting, Clouse said.
Although zoning rules would have allowed a much taller project, "we didn't want to be a 40-story beacon in the middle of this neighborhood," Clouse said. The surrounding neighborhood mostly has two-story houses used as apartments and offices.
"Instead of being involved with sprawl development, we focused on sustainable development," said Clouse, who also owns Fortis Realty Services, which was involved in designing the first phase of the Bel Air condominium project on South Congress Avenue.
The solar systems cost a total of $515,592, Cordova said. The city returned $365,107, about 71 percent of the cost, to the developers as rebates, he said.
The solar installations will generate an estimated 113,839 kilowatt-hours per year, Cordova said — enough to provide electricity to about 10 average-size Austin homes for a year.
Put another way: the savings are equivalent to planting 2,583 trees in Austin's parks, or the removal of 132,278 vehicle-miles or 17 cars from Austin roadways, Cordova said.
The 33 unit project is a green conversion of solidly built commercial structure. The new condo project is being constructed in phases with the first 7 units complete. Prices start at $191,000 and rise to $326,000. We've already added the project to our listings page and a full profile is here.
While the project features an attractive modern design and a quiet location, the most interesting features are the flexible floor plans (some include live/work spaces) and the green features. In general, condo projects utilize significantly less energy than equivalent single family homes. This project should utilize less energy than almost any condo project. Some of the energy efficient features include:
- Dedicated solar panels for each unit
- 100% LED lighting
- Tankless water heaters
- Spray foam insulation
- Rainwater collection
- Double-paned, low-energy glass and windows
Already, the project has been recognized for these attributes with the Austin Business Journal Going Green Award [Winner: Green Building - Residential] and the Envision Central Texas Community Stewardship Awards [2010 2nd Place Finalist].
While the building is only two stories tall it does have an elevator and a swimming pool. So far, one quarter of the available units have been sold.
Here are some additional details from the Statesman:
"The city and Austin Energy are working toward a goal of having 65 percent of new single-family construction be capable of zero net energy consumption by 2015, meaning the homes potentially could generate as much electricity as they consume, with solar panels and advanced energy-efficiency features.
The 904 West project is attracting interest from professionals, empty-nesters and second-home owners who want to live downtown but in a neighborhood setting, Clouse said.
Although zoning rules would have allowed a much taller project, "we didn't want to be a 40-story beacon in the middle of this neighborhood," Clouse said. The surrounding neighborhood mostly has two-story houses used as apartments and offices.
"Instead of being involved with sprawl development, we focused on sustainable development," said Clouse, who also owns Fortis Realty Services, which was involved in designing the first phase of the Bel Air condominium project on South Congress Avenue.
The solar systems cost a total of $515,592, Cordova said. The city returned $365,107, about 71 percent of the cost, to the developers as rebates, he said.
The solar installations will generate an estimated 113,839 kilowatt-hours per year, Cordova said — enough to provide electricity to about 10 average-size Austin homes for a year.
Put another way: the savings are equivalent to planting 2,583 trees in Austin's parks, or the removal of 132,278 vehicle-miles or 17 cars from Austin roadways, Cordova said.
Zilker Park Residences Withdrawn From Market
August 04, 2010 22:58 Filed in: News
As developer prepare for a third iteration of Zilker Park
Residences, the project has been withdrawn
from the market.
In 2007, developers announced plans for 74 units to be developed on the eastern edge of Zilker Park on Barton Springs Road. With units starting at $300K and topping out near $1.3 million, the 3 building project was to sit on the border of the park with direct access to the hike and bike trails. Although the project featured a unique and highly desirable location, it was marketed at the bottom of the downtown condo market.
As a result, the plan was changed substantially in 2008 when the developers reduced the size of the project from 74 to 40 larger units, added a 65 room boutique hotel, and an announced the expansion of the site through the purchase of an adjacent restaurant (formerly Wanfu Tool).
The 2008 Plan for Zilker Park Residences
With the revised plan, Zilker Park Residences was supposed to include 40 units ranging in size from a 1,515 square foot one bedroom to the largest 3,241 square foot unit. With the larger units came prices ranging from $659,000, one of the highest starting prices of any project in Austin, to $1.4 million.
Now, developers have begun notifying prospects that the project has been withdrawn from the market. According to the developers, they are redesigning the project to better meet market needs. In particular, they now plan to build a 90 room boutique hotel, spa & fitness center along with 15 large residential condo units. Currently, they plan to begin construction and marketing for the redesigned project sometime next year.
In 2007, developers announced plans for 74 units to be developed on the eastern edge of Zilker Park on Barton Springs Road. With units starting at $300K and topping out near $1.3 million, the 3 building project was to sit on the border of the park with direct access to the hike and bike trails. Although the project featured a unique and highly desirable location, it was marketed at the bottom of the downtown condo market.
As a result, the plan was changed substantially in 2008 when the developers reduced the size of the project from 74 to 40 larger units, added a 65 room boutique hotel, and an announced the expansion of the site through the purchase of an adjacent restaurant (formerly Wanfu Tool).
The 2008 Plan for Zilker Park Residences
With the revised plan, Zilker Park Residences was supposed to include 40 units ranging in size from a 1,515 square foot one bedroom to the largest 3,241 square foot unit. With the larger units came prices ranging from $659,000, one of the highest starting prices of any project in Austin, to $1.4 million.
Now, developers have begun notifying prospects that the project has been withdrawn from the market. According to the developers, they are redesigning the project to better meet market needs. In particular, they now plan to build a 90 room boutique hotel, spa & fitness center along with 15 large residential condo units. Currently, they plan to begin construction and marketing for the redesigned project sometime next year.
New Project Listings: 904 West
July 25, 2010 22:25 Filed in: News
We've added listings for 904 West, a new low-rise
condo project on 9th Street and West Avenue. The
new development is close to the Nokonah and Whole
Foods in a corner of downtown that has seen very
little condo development.
904 West is an interesting "green" condo project. It's the only multi-residential property in downtown Austin offering photovoltaic systems for each unit. The project also features tankless water heaters and LED lighting.
Currently, there are 4 units listed on MLS ranging from $193K for a 577 square foot 1/1 to $327K for an 891 square foot 1/1. We're working on a full profile and will have additional details on AustinTowers soon.
904 West is an interesting "green" condo project. It's the only multi-residential property in downtown Austin offering photovoltaic systems for each unit. The project also features tankless water heaters and LED lighting.
Currently, there are 4 units listed on MLS ranging from $193K for a 577 square foot 1/1 to $327K for an 891 square foot 1/1. We're working on a full profile and will have additional details on AustinTowers soon.
La Vista on Lavaca is Dead. Again.
July 17, 2010 23:55 Filed in: News
After a decade of starts and stops, the ill-fated La
Vista on Lavaca condo project appears to be fully dead.
Now the planned nine-story residential mixed-use tower consisting of 19 condominiums on the top four floors, a three-floor Executive Business Center, and first floor restaurant, has been abandoned mid-construction by its new owners.
Continue reading here: Read More...
Now the planned nine-story residential mixed-use tower consisting of 19 condominiums on the top four floors, a three-floor Executive Business Center, and first floor restaurant, has been abandoned mid-construction by its new owners.
Continue reading here: Read More...
Downtown Austin Condo Sales Soar in May
July 13, 2010 22:48 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market
Index through May, 2010 and, for the twelfth
month in a row, MLS sales volumes have increased
in comparison to previous year numbers. On a per
square foot basis, however, year-to-date prices
are down about 9% over the comparable 2009 numbers
based on a 12-month rolling average.
The big news for May is that condo sales volumes soared, breaking the longstanding Austin Towers |urbanspace record of 22 units in a month (set in April, 2008). View the Full Analysis: Read More...
|
Month
|
Sales
|
Avg. Price
|
$/SF
|
Avg SF
|
Avg Year
|
% Ask
|
ADOM
|
| May-09
|
11
|
$347,045
|
$308
|
1,150
|
1990
|
96%
|
63
|
|
May-10
|
24
|
$258,967
|
$285
|
934
|
1976
|
96%
|
118
|
|
Change
|
118%
|
-25%
|
-8%
|
-19%
|
-13.91
|
0%
|
87%
|
The big news for May is that condo sales volumes soared, breaking the longstanding Austin Towers |urbanspace record of 22 units in a month (set in April, 2008). View the Full Analysis: Read More...
With Downtown Marriott Dead, Land Owners Seek New Hotel Developer
July 06, 2010 22:05 Filed in: News
Last month, the Austin City Council enacted a zoning
change and turned over a public alley in the most
effort to lure a major convention hotel to Block 18 ---
the Congress Avenue block that used to house Las
Manitas and which was at one point going to be taken
over by a very large Marriott hotel.
The Congress Avenue Marriott -- a 1,000 room hotel complex on 2nd and Congress avenue -- was one of the most controversial, and one of the least popular downtown projects. The project is best known for displacing Las Manitas and other local businesses. Before being cancelled, the last two versions of the project were criticized for bland institutional architecture and a lack of ground-floor retail on a key block connecting the convention center area to the second street district. The original plan for the project included 1,000 rooms across 3 separate Marriott-branded hotels in one convoluted multi-facted building. The second version of the project included two hotels in one building. Version 3.0 included just one Marriott hotel with 1,000 rooms. The budget at one point reached $250 million before the project was shelved.
Now, the City is trying new tactics to Read More...
The Congress Avenue Marriott -- a 1,000 room hotel complex on 2nd and Congress avenue -- was one of the most controversial, and one of the least popular downtown projects. The project is best known for displacing Las Manitas and other local businesses. Before being cancelled, the last two versions of the project were criticized for bland institutional architecture and a lack of ground-floor retail on a key block connecting the convention center area to the second street district. The original plan for the project included 1,000 rooms across 3 separate Marriott-branded hotels in one convoluted multi-facted building. The second version of the project included two hotels in one building. Version 3.0 included just one Marriott hotel with 1,000 rooms. The budget at one point reached $250 million before the project was shelved.
Now, the City is trying new tactics to Read More...
Shhhh! New Congress Tower Planned
June 29, 2010 22:20 Filed in: News
According to city records, the owners of three vacant
historic buildings on Congress Avenue between 9th and
10th street are planning to build a 16-story, 88,000
square foot office tower on the site. If successful,
the project would commence construction in 2011 and
open by Summer 2012.
According to a statement by Tucker Lynch, a representative of the site owners, in the Austin Business journal, “The owners told us to keep it as quiet as possible,” Lynch said. “We are just doing our feasibility. If it is not feasible, we won’t build.”
According to the Austin Business Journal, "Plans call for eight floors of office space, atop six floors of parking and one basement parking level, plus street retail. According to architecture drawings by Dallas-based HKS, the building will have a glass facade and a terraced set back at the 11th floor. The proposed building bumps right up to the height limit imposed in the Capitol View Corridor. The owner is applying for central urban redevelopment designation, or CURE, which exempts development from some building codes and permits greater heights for the sake of economic benefit. The site is currently zone for “Central Business District,” which allows for 88,000 square feet of development at the site and Lynch said his client is not seeking a density bonus."
The project is one of numerous towers currently in the works. Other projects include:
- A 15-story boutique hotel at 416 Congress Avenue
- Two 40-story Towers by Constructive Ventures on an Austin Energy Site near 2nd and San Antonio
- A 250 unit 28-story condo tower and an adjacent 16-story office tower on the 1.2 acre site bounded by Fifth, Sixth, San Antonio and Nueces streets by Novare, the developer of 360.
- A 15-story office tower with ground floor retail is being proposed for the north east corner of West Cesar Chavez Street and Lamar Boulevard by Capital City Partners
According to a statement by Tucker Lynch, a representative of the site owners, in the Austin Business journal, “The owners told us to keep it as quiet as possible,” Lynch said. “We are just doing our feasibility. If it is not feasible, we won’t build.”
According to the Austin Business Journal, "Plans call for eight floors of office space, atop six floors of parking and one basement parking level, plus street retail. According to architecture drawings by Dallas-based HKS, the building will have a glass facade and a terraced set back at the 11th floor. The proposed building bumps right up to the height limit imposed in the Capitol View Corridor. The owner is applying for central urban redevelopment designation, or CURE, which exempts development from some building codes and permits greater heights for the sake of economic benefit. The site is currently zone for “Central Business District,” which allows for 88,000 square feet of development at the site and Lynch said his client is not seeking a density bonus."
The project is one of numerous towers currently in the works. Other projects include:
- A 15-story boutique hotel at 416 Congress Avenue
- Two 40-story Towers by Constructive Ventures on an Austin Energy Site near 2nd and San Antonio
- A 250 unit 28-story condo tower and an adjacent 16-story office tower on the 1.2 acre site bounded by Fifth, Sixth, San Antonio and Nueces streets by Novare, the developer of 360.
- A 15-story office tower with ground floor retail is being proposed for the north east corner of West Cesar Chavez Street and Lamar Boulevard by Capital City Partners
1155 Barton Springs Condo Project Files for Bankruptcy
June 21, 2010 22:27 Filed in: News
In April of 2008, developers announced a 4-story, 27
unit development on Barton Springs just east of Lamar
adjacent to the train tracks, McDonalds, and Peter Pan
Mini Golf. With pricing
starting at $1,000,000, our
original reaction was that "the project is a very odd
combination of location and pricing that suggests a
lack of experience in residential development." At the
high end, the units were priced at $900 / SF making
this the most expensive development in Austin.
This week, the project, 1155 Barton Springs, filed for bankruptcy. According to the Austin Business Journal, "PPT Development is seeking Chapter 11 protection, filed at the end of May, claiming its assets and debts each range from $1 million to $10 million, according to records that did not include a complete list of creditors. The company’s largest creditor is San Antonio-based Overland Partners, the lead architect on the project, which is owed about $1 million, according to court records. Despite the setback, PPT Development LP principal Steffen Waltz said the $40 million development called 1155 Barton Springs is merely in hibernation, not dead."
While strong projects are finding success South of the river, they are succeeding by combining prime locations with prices far below those of the large downtown high-rises. 1155 Barton Springs attempted to combine ultra-luxury with a low-rise "B" grade location -- a tough sell in any market. While the views are great, top dollar projects need to be perfect, which is not the case with 1155 Barton Springs.
According to the Austin Business Journal, "the 1155 Barton Springs project has been in the works under various names, including The Milan, since at least 2005. In April 2007, developers announced plans to break ground by that year’s end, with tenants moving in by mid-2009. There would be two portions of the project, they said, with one building on the north side of the property on the corner of Barton Springs and Dawson roads and three buildings toward the southern side. The 24 residential units, ranging from 1,600 to 6,200 square feet, would list for $1 million to $6 million each, according to the announcement."
This week, the project, 1155 Barton Springs, filed for bankruptcy. According to the Austin Business Journal, "PPT Development is seeking Chapter 11 protection, filed at the end of May, claiming its assets and debts each range from $1 million to $10 million, according to records that did not include a complete list of creditors. The company’s largest creditor is San Antonio-based Overland Partners, the lead architect on the project, which is owed about $1 million, according to court records. Despite the setback, PPT Development LP principal Steffen Waltz said the $40 million development called 1155 Barton Springs is merely in hibernation, not dead."
While strong projects are finding success South of the river, they are succeeding by combining prime locations with prices far below those of the large downtown high-rises. 1155 Barton Springs attempted to combine ultra-luxury with a low-rise "B" grade location -- a tough sell in any market. While the views are great, top dollar projects need to be perfect, which is not the case with 1155 Barton Springs.
According to the Austin Business Journal, "the 1155 Barton Springs project has been in the works under various names, including The Milan, since at least 2005. In April 2007, developers announced plans to break ground by that year’s end, with tenants moving in by mid-2009. There would be two portions of the project, they said, with one building on the north side of the property on the corner of Barton Springs and Dawson roads and three buildings toward the southern side. The 24 residential units, ranging from 1,600 to 6,200 square feet, would list for $1 million to $6 million each, according to the announcement."
Austonian, Four Seasons Prepare to Open
June 13, 2010 14:02 Filed in: News
In downtown Austin, there are two classes of new condo
projects. There are upscale projects like 360, Austin City Lofts,
Milago, and the Nokonah. About a dozen of
these projects have been completed over the decade
and almost all are sold out at this point. Only
Spring still has new units left
to sell. These projects have sold well featuring
mostly 1-2 bedroom units priced under $600K.
The second category includes the three super high-end projects now under development: the Austonian, the Four Seasons, and the W Hotel and Residences. These projects typically start around $600K and feature many units priced over $1 million. This is a new market for Austin, and the timing of construction has been difficult for the developers. All three projects are believed to be 40% - 60% sold at this point in time.
This month, two of these projects -- the Austonian and the Four Seasons -- will open and welcome their first residents. The W is scheduled to open in December. Between the three buildings, 501 new high-end units will hit the market this year:
- The Austonian begins welcoming residents next week. The 56-story, $250 million, 188-unit luxury condo tower is the tallest residential building west of the Mississippi.
- The Michael Graves-designed Four Seasons Residences opens later this month. The 32-story project features 148 units and a 32nd floor sundeck, fitness center, party room, catering kitchen, and resident library. The project also includes valet parking, a 24-hour concierge, in-room dining, housekeeping, and daily linen service through the hotel.
- The W will open in December. The $295 million 36-story project will include 252 hotel rooms, 165 condos, 35,000 square feet of office, retail and restaurant space and a new theater to host Austin City Limits on Second Street.
For these projects, the next few months will be essential. With many units yet to sell, developers are hoping that potential-residents will appear now that the projects are ready for occupancy. With the economy and real estate markets improving, sales activity has been picking up at all three projects. While developers have not announced any public discounts, this should be a good time to negotiate, especially for buyers who are willing to consider any of the three projects.
The second category includes the three super high-end projects now under development: the Austonian, the Four Seasons, and the W Hotel and Residences. These projects typically start around $600K and feature many units priced over $1 million. This is a new market for Austin, and the timing of construction has been difficult for the developers. All three projects are believed to be 40% - 60% sold at this point in time.
This month, two of these projects -- the Austonian and the Four Seasons -- will open and welcome their first residents. The W is scheduled to open in December. Between the three buildings, 501 new high-end units will hit the market this year:
- The Austonian begins welcoming residents next week. The 56-story, $250 million, 188-unit luxury condo tower is the tallest residential building west of the Mississippi.
- The Michael Graves-designed Four Seasons Residences opens later this month. The 32-story project features 148 units and a 32nd floor sundeck, fitness center, party room, catering kitchen, and resident library. The project also includes valet parking, a 24-hour concierge, in-room dining, housekeeping, and daily linen service through the hotel.
- The W will open in December. The $295 million 36-story project will include 252 hotel rooms, 165 condos, 35,000 square feet of office, retail and restaurant space and a new theater to host Austin City Limits on Second Street.
For these projects, the next few months will be essential. With many units yet to sell, developers are hoping that potential-residents will appear now that the projects are ready for occupancy. With the economy and real estate markets improving, sales activity has been picking up at all three projects. While developers have not announced any public discounts, this should be a good time to negotiate, especially for buyers who are willing to consider any of the three projects.
The Future of Downtown Austin: A Visual Tour of the Downtown Austin Plan
June 01, 2010 22:58 Filed in: News
This evening, the City of Austin hosted a town hall
meeting to review the Downtown Austin Plan -- the draft
master plan for downtown Austin.
The purpose of the plan is to create a vision -- and policy framework -- for a vibrant downtown that becomes the region's core for work, play, shopping, and living. The 90-page plan and 93-slide summary presentation (they are fascinating -- get them here) include hundreds of ideas to improve downtown Austin. The ideas range from zoning and historical protections to transit solutions to requirements for store glass transparency.
To provide a quick overview of the very rich content, we have assembled a visual walk through of some of the most interesting content:
(1) The core and waterfront district is red -- this is the area analyzed in the Downtown Austin Plan.
(2) Even without active regulation, emerging land use patterns have effectively segmented downtown activity. In this diagram, pink represents the core employment zone; blue is commercial, entertainment and convention; and orange is residential. The dotted areas are pedestrian priority zones and the diagonal hatches represent sites with development opportunities.
(3) This heat map shows likelihood of redevelopment. Pink means that the site is pending redevelopment, green means near-term development is possible, yellow means long-term redevelopment is possible. Red means that development is unlikely. There are 62 properties > 1/4 block that can be redeveloped. These sites total 48 acres.
The Visual Tour Continues Here: Read More...
The purpose of the plan is to create a vision -- and policy framework -- for a vibrant downtown that becomes the region's core for work, play, shopping, and living. The 90-page plan and 93-slide summary presentation (they are fascinating -- get them here) include hundreds of ideas to improve downtown Austin. The ideas range from zoning and historical protections to transit solutions to requirements for store glass transparency.
To provide a quick overview of the very rich content, we have assembled a visual walk through of some of the most interesting content:
(1) The core and waterfront district is red -- this is the area analyzed in the Downtown Austin Plan.
(2) Even without active regulation, emerging land use patterns have effectively segmented downtown activity. In this diagram, pink represents the core employment zone; blue is commercial, entertainment and convention; and orange is residential. The dotted areas are pedestrian priority zones and the diagonal hatches represent sites with development opportunities.
(3) This heat map shows likelihood of redevelopment. Pink means that the site is pending redevelopment, green means near-term development is possible, yellow means long-term redevelopment is possible. Red means that development is unlikely. There are 62 properties > 1/4 block that can be redeveloped. These sites total 48 acres.
The Visual Tour Continues Here: Read More...
New Hotel Planned for Congress Ave!
May 21, 2010 22:43 Filed in: News
For those who are counting, this is the fifth new
downtown Austin tower announced in the last two weeks.
Today's newly announced project is a 15-story boutique
hotel with 60-70 rooms. It will be constructed on
Congress Avenue between fourth and fifth streets across
from the Frost Bank Tower.
The new hotel will be located at 416 Congress and will integrate the existing 1893 Congress Avenue facade
The boutique hotel will integrate the 1893 Romanesque facade into a new 15-story tower to be designed by prominent Austin architect Dick Clark. The building will be 52,000 square feet and will not require any building variances for construction. The small size results from the small lot -- the average floor plate will be just 3,500 square feet or 50 by 70 feet.
Austin has a number of successful boutique hotels such as the Hotel San Jose on South Congress. 416 Congress will be the first downtown boutique hotel and an important development for Congress Avenue. Earlier this year, plans were cancelled for an unpopular Mariott mega hotel on Second and Congress.
The 416 Congress hotel is expected to open in 2012
The new hotel will be located at 416 Congress and will integrate the existing 1893 Congress Avenue facade
The boutique hotel will integrate the 1893 Romanesque facade into a new 15-story tower to be designed by prominent Austin architect Dick Clark. The building will be 52,000 square feet and will not require any building variances for construction. The small size results from the small lot -- the average floor plate will be just 3,500 square feet or 50 by 70 feet.
Austin has a number of successful boutique hotels such as the Hotel San Jose on South Congress. 416 Congress will be the first downtown boutique hotel and an important development for Congress Avenue. Earlier this year, plans were cancelled for an unpopular Mariott mega hotel on Second and Congress.
The 416 Congress hotel is expected to open in 2012
Two More Austin Condo Skyscrapers Announced!!!
May 13, 2010 20:26 Filed in: News
This has been a crazy week. First, the developers of
360 announced
plans to develop two new downtown towers. Then,
rumors surfaced that the Aquaterra project may be
revived as a rental tower. Today, Constructive
Ventures announced plans to build 425 new condos
in two 400-500 foot towers on an Austin Energy
site just West of 360 downtown. Together, these
announcements may herald the beginning of a new
downtown condo building boom.
The new project by the developers of Spring would include 425 condo units and 15,000 square feet of retail in two point towers on a 1.7 acre site adjacent to 360 and the decommissioned Green Water Treatment Plant downtown. The project would cost $220 million and construction would begin in 2013.
Here is a summary from the Statesman:
The City Council is set to vote today to authorize the city manager to sign a development agreement with a partnership of Constructive Ventures and Trammell Crow Co. to buy the tract for $14.5 million.
The community benefits from the project would include contributions for public art and $2.7 million for the city's affordable housing fund, the largest proposed payment from a developer for a project to date, said Rodney Gonzales, deputy director of the city's Economic Growth and Redevelopment Services Office.
"This is a really good chance for the city to convert an underutilized piece of downtown property into one that generates property and sales taxes for the city and brings forth a substantial contribution for the affordable housing trust fund," Gonzales said.
In 2008, the city chose a partnership of Trammell Crow, Constructive Ventures and USAA Real Estate Co. over four other teams to redevelop the Austin Energy site and the nearby 6-acre water treatment plant at West Cesar Chavez and San Antonio streets with a hotel, apartments, office and retail space.
Those projects are part of the city's grand plan to transform downtown's southwestern edge, including the former Seaholm Power Plant, into a lively, densely developed district. A new central library is also planned along Cesar Chavez.
The city is still negotiating a development agreement and purchase price on the Green site, Gonzales said.
The agreement says the soonest that Constructive Ventures could purchase the Austin Energy property is March 2013. The city must first relocate the control center, from which the entire Austin Energy electric grid is managed year-round.
Larry Warshaw, a principal with Constructive Ventures, said the condominium buildings would be so-called point towers — slender buildings on a wider base like the Spring condominium high-rise, of which he was a co-developer — and would soar between 400 and 500 feet.
"Financing will be the most likely factor dictating a start date," he said
The new project by the developers of Spring would include 425 condo units and 15,000 square feet of retail in two point towers on a 1.7 acre site adjacent to 360 and the decommissioned Green Water Treatment Plant downtown. The project would cost $220 million and construction would begin in 2013.
Here is a summary from the Statesman:
The City Council is set to vote today to authorize the city manager to sign a development agreement with a partnership of Constructive Ventures and Trammell Crow Co. to buy the tract for $14.5 million.
The community benefits from the project would include contributions for public art and $2.7 million for the city's affordable housing fund, the largest proposed payment from a developer for a project to date, said Rodney Gonzales, deputy director of the city's Economic Growth and Redevelopment Services Office.
"This is a really good chance for the city to convert an underutilized piece of downtown property into one that generates property and sales taxes for the city and brings forth a substantial contribution for the affordable housing trust fund," Gonzales said.
In 2008, the city chose a partnership of Trammell Crow, Constructive Ventures and USAA Real Estate Co. over four other teams to redevelop the Austin Energy site and the nearby 6-acre water treatment plant at West Cesar Chavez and San Antonio streets with a hotel, apartments, office and retail space.
Those projects are part of the city's grand plan to transform downtown's southwestern edge, including the former Seaholm Power Plant, into a lively, densely developed district. A new central library is also planned along Cesar Chavez.
The city is still negotiating a development agreement and purchase price on the Green site, Gonzales said.
The agreement says the soonest that Constructive Ventures could purchase the Austin Energy property is March 2013. The city must first relocate the control center, from which the entire Austin Energy electric grid is managed year-round.
Larry Warshaw, a principal with Constructive Ventures, said the condominium buildings would be so-called point towers — slender buildings on a wider base like the Spring condominium high-rise, of which he was a co-developer — and would soar between 400 and 500 feet.
"Financing will be the most likely factor dictating a start date," he said